Canada's Ivanhoe Mines Q2 profit rises on higher zinc and sulphuric acid prices

Ivanhoe Mines

29/07/2026 21:14

Overview
Canada mining firm's Q2 profit rose to $46 mln, with adjusted EBITDA up to $179 mln
Higher sulphuric acid and zinc prices supported results; Kipushi delivered record zinc output

Outlook
Ivanhoe Mines tightens 2026 copper production guidance to 290,000-310,000 tonnes
Company expects H2 2026 copper production rates to increase at Kamoa-Kakula
Ivanhoe Mines maintains 2026 Kipushi zinc production guidance at 240,000-290,000 tonnes

Result Drivers
SULPHURIC ACID SALES - Higher sulphuric acid prices and sales offset Kamoa-Kakula smelter operating costs, providing a strong by-product credit
RECORD ZINC OUTPUT - Kipushi delivered record zinc production, supported by multi-year high zinc prices
IMPROVED MINING RATES - Higher mining rates at Kamoa-Kakula increased ore availability and improved recoveries

Company press release: ID:nNFCc7D471

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EBITDA
 
$179 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the diversified mining peer group is "buy"
Wall Street's median 12-month price target for Ivanhoe Mines Ltd is C$15.00, about 40.4% above its July 28 closing price of C$10.68
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 19 three months ago

Reuters Recommended Reads
July 29 - Glencore's copper output up 15%, sees strong $3.3 bln marketing EBIT
July 28 - Canada's First Quantum Q2 adjusted EPS misses estimates on higher costs
July 29 - Luxembourg's Befesa Q2 revenue rises on higher zinc prices

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)